alix: there it is. what a day. yorklosing bell at the new stock exchange is working. stocks tumbling today. concerns with china and greece dampening economic growth. york stock exchange for our freeze, the biggest interruption. keep plunging. not as scary as you think. alcoa gets ready to report earnings at any moment. we have to talk about stocks. below its0 closing two day moving average.

the first time in 178 days that it has closed below this important moving average. >> it triggers automatic purchases or selling orders. people look at it as a gauge on sentiment. alix: the crazy day we saw. the new york stock exchange halting trading for over three hours. the biggest interruption in about two years. >> if you look at a stock like , and s&p 500s company on the new york stock exchange. down 5.8%. chinese retail auto sales fell. equity specialist crunch the numbers. there was no trading on the big board. was 150% more than

the 30 day average of the time. alix: that leads me to my point. does the new york stock exchange matter? bank of america, 23% of shares trade right now on the new york stock exchange. stocks, aof u.s. staggering difference. >> the stock market is so much more fragmented. it's just one of a few players now. alix: it is still the big show. theompanies want to be on nyse. important to note on a day like today with the s&p off by 1%, second quarter earnings season, revenue estimates

revised lower. they are -4.5%. a couple of months ago, 3%. >> what happens when you take out energy companies, oil, gas? revenue is expected to increase 1.3%. that is half the pace. you look in the different sectors, three c sales to climb, energy, materials, industrial. we want to get to julie hyman at the breaking news desk. >> we don't have much. earnings are coming out below analyst anticipations. the $.22 that analysts had been anticipating. i will go through quickly as i'm talking to you. atlooks like revenue came in $5.9 billion versus the $8.1 billion anticipated.

were looking at the different segments for the company in terms of their different lines of business. products, $210 million, up 4%. air and space revenue up 29%. 9%.million, up engineered and rolled products. these are the more refined products. alcoa has been trying to shift its business towards that to be less reliant on the rock rob price of aluminum. price of aluminum. the price per metric done was down 22% surge in 30.

through june 30. i'm sure you're going to the statement two. alix: were going to get to the most important charts in a bit. look at theant to one commodity you need to know iron ore. it's at its lowest level in six years. ,t is dipping below $45 a time $44.59. mines in six years, flagged for closure are coming back online. more supply coming on the market. steel mill margins are falling. iron on't want a lot of ore. a huge mismatch there.

this is the chart you need when you want to find out about global growth when you wake up. >> i want to stay on china. be as bad as you think. investors may have gotten to negative on the underlying backdrop. what's critical here is that , above zero indicates data is stronger than anticipated, below zero indicates the data was worse. there was a big drop here in the first part of the second quarter, but since early june, a little bit of a recovery. it looks like we have bottomed out. alix: the disconnect between fundamentals in the markets. i want to bring in wells fargo securities strategist.

thank you for joining us. today was a crazy day. what was your reaction? was pretty engrossed in what was happening between greece and china. i didn't notice at first. is that this is one other concern to add to a lot of and certainty that investors -- uncertainty that investors are facing. not here, but i did bring in a tweet. greece, china, u.s., trading foundmaybe markets have equilibrium. what you think about that? >> we were satisfied in the first half of the year. we basically fell asleep. the s&p 500 went nowhere.

changed, oilgs prices moved, 10 treasury moved a lot, the dollar moved a lot, the shanghai exchange extraordinary exchange, then a major meltdown. risks have taken investors by surprise. volatilityity, no market went nowhere. suddenly we have to wake up. alix: i like the way you put that. the percentage of bulls was little changed from the prior week at 44 point 8%. excuse me, 15.8%. correction,ing a 39.6%. seven years into this aging bull market. are we still too complacent. i don't think so. while advisors show very few bears and people are expecting a

correction as opposed to being bullish. the retail investor is very bearish. alix: were they ever bullish? >> they were at the beginning of this year. suddenly they experienced this market that went nowhere. they started investing overseas in europe and china, and unfortunate have expense some pressure over the last few weeks. the retail investor is really not optimistic, and that balances out which are seeing. alix: the retail investor wakes up. not a lot of confidence. talking about second-quarter , if you take a look at gdp versus s&p revenue, they track in line. last quarter gdp was down. what can we expect in terms of solid revenue growth? will be tough.

it is tough because of the energy sector. falling 60%. it will be a big hurdle for the index to overcome. there are notable things. a few things shifted between first and second quarters. 2% to quarter growth was 2.5%. you saw oil prices bottom in the first quarter at $45 in march. they rebounded through the second quarter. the dollar peaked in the first quarter at a high of 100. it has since fallen a little bit. those pressures we experienced did ease in the second quarter. the incremental improvement in chinese and european death of. -- european data. some of this may be moot. lower look for earnings.

nonetheless, there was improvement in drivers into the second quarter relative to the first. caps asat about large opposed to small caps? small caps should benefit if the u.s. is an oasis of growth. should we see that? >> we did. when the small caps search. i'd like to reserve my opinion until we get through this china situation. we did see the small-cap index recovered tremendously. last year, if you recall, we saw major diversion. small-cap started to break down in the spring. that gave us some indication that we would see the large-cap index breakdown in the fall. we are seeing the opposite. some all caps made major new highs, hold up well. large caps are breaking down. that small the fact

caps are holding is a good sign for the large-cap index, to hold in their relatively well. bears?here are the thank you. good to have you on the alcoa day. much more coming up. alcoa earnings out. three things you need to know about the company after this. ♪

-- 15%. 50% the automotive sector is the largest growth for electronics. my car has 200 computers in it. in each computer rearview mirror. that will go forward. you will buy at tokyo do. you will buy a toyota. alix: the other part of the industry has been consolidation. why do you think this is happening right now in your industry. all, you get something going financially and it tends to be an avalanche. i think there is a momentum kind of thing there. side, it was an

$800 million company, cypress semiconductor. now we are 2 billion. ,s the single ceo of a company to offices in paris to sell , which ir overhead have to worry about all the time when we were in $800 million company, have gotten better. we have more people and capability to do things with a lower percentage of sales. it is a matter of scale. i believe there is a magic 1.5er somewhere around billion dollars, where you can be competitive in the market. if you're below that, you will struggle. alix: does this counter the cyclical nature of semiconductors and technology? you put your cash to work in r&d or something else. i think the cyclical nature of semiconductors is getting better.

when semiconductors are in everything you use and they are daily commodities, we will look more like a market at large, as opposed to a highly volatile sector in the market. alix: that was cyprus's ceo tj rodgers. >> trading was halted for more than three hours today. the ceo tom farley joins us next. ♪

alix: what did you miss? i'm alix steel. stephanie ruhle is standing by. take it away. thisom first thing morning, problems, messaging,

walk me through that and the shutdown. role in theur center of the global capital markets seriously. our systems, trusted, available at all times. the open went off as you would expect. we were getting intermittent messages with customers not seeing the data and messaging they would expect. we have theel like level of trust in our decisions is required. i made the decision working with our regulatory teaming counsel's office to suspend trading at the new york stock exchange in part because those listed stocks continued to trade elsewhere during the day, and i told our team and a delivered fashion to determine what went wrong, put together multiple plans to come back up for the close. great job holding

things firm, but you were out for 3.5 hours, and when you came back, volumes were up, almost the beat goes on. what does that say about our need? stocks. harm for in why as the market consolidates around the new york stock exchange. i'll close today was a market average of 150 million shares. my first concern was do no harm during the day. the stocks trade elsewhere. get it fixed and back up and running for the close. >> why not roll over to your backup? chose the least disruptive option for customers. if we had moved to our disaster recovery center, customers would have had to do a good deal of work to connect to it. contrast that to what we chose

to do, root out the problem, put a plan in place to fix it, fix it, reopen the stock exchange, and no work for the customers to do to reconnect. >> when did you make the decision to shut it down? >> i don't remember exactly. i spent most of my day talking to customers and staff. enoughwhen i heard reports that customers were not seeing the behavior they expect. i said to take it down. >> do you attribute this to a system upgrade? not certain. most of the day i spent with customers and staff. there was a configuration problem in our system. it likely had to do with an upgrade, but that is premature, and something that will come about as part of a full analysis of the situation. it began today. we found the problem. if it continues tonight, we will look at the steps that led us to this place. we will look at it in the future to improve the technology we offer.

lotou have cleaned up a here, titan ship, shareholders like what you have done, but you are leaner and meaner. had you had a bigger staff with more i.t. professionals could this have been avoided? >> this wasn't a resource issue. i have been here since the intercontinentalexchange acquire the new york stock exchange. seen the changes firsthand. our technology is more responsible, reliable, and i feel customers pain. >> i'm worried about confidence. we are faced with greece, china, united airlines, people are worried. are you worried the perception of this will keep people out of the markets? >> this goes back to what i said , and our management team agrees with this, and it something we talked about his recently as today, it's important we are

open for business. public perception is important. am i happy about today? obviously not. can we work through it? and i appreciate our customers. yes, absolutely. we will invest in technology, get better, and learn a lot from today. outside there are tv crews everywhere. the global new story of the day. i'm walking this floor. it is business as usual. the beat seems to go on. alix: you know it. thanks so much. we will be right back. ♪

alix: alcoa reporting earnings. it's about the aluminum surplus,

doubling. >> it's about chinese aluminum flooding the market. it keeps making more. alix: it doesn'

emily: a technical glitch stockes the new york exchange. his high-frequency trading to blame? ♪ is high-frequency trading to blame? alix: emily: i am emily chang. this is "bloomberg west". investors pouring money into uber's chinese operations. we will look at what microsoft ceo has plan next.